The Magazine for Asian Investors
Crude oil futures closed lower yesterday (Dec. 9), falling $1.42. Trader decided to take profit following an earlier price rebound.
- WTI crude futures were down $1.42 to close at $70.94 a barrel.
- Brent crude futures were down $1.40 at $74.42 a barrel.
The first news of the new virus strain Omicron raised fears in oil markets of an upcoming lockdown. Speculators took advantage of the downturn to enter the market, which later turned out to be correct, as the new strain should be less of a risk for another economic shutdown. In addition, negotiations on a nuclear agreement between Iran and the West continue to stagnate. Meanwhile, Germany called on Iran to make a realistic proposal in negotiations over its nuclear program.
In addition, Saudi Arabia has announced an increase in crude oil prices for Asian and U.S. customers for the month of January 2022.
The Spot Market is Open
Friday, December 10, 2021